|Legal Name:||PayPal Holdings, Inc.|
|Headquarters Regions:||San Jose, California, United States|
|Founded Date:||December 1998|
|Founders:||Elon Musk, Peter Thiel, Max Levchin, Yu Pan, Ken Howery, Luke Nosek|
|Number of Employees:||25000+|
|Area served:||United States of America and world|
|Products of Company:||online money transfers company|
|Net Worth in 2023:||$50 billion|
The introduction of PayPal has made the online payment system very easy. PayPal Holdings is an American company that supports online money transfers. In 2002, it had its initial public offering. Since then, it has gone on to become a popular brand. It is one of the largest corporations in the United States by terms of revenue. PayPal is now operating in many countries across the world.
It offers a platform for digital marketing so that customers can use it in multiple ways. Since its inception, it has got more than 286 million users globally. Currently, John Donahue and Dan Schulman serve as the chairman and president of PayPal, respectively.
Well, how well do you know about PayPal? If not much, here is what we know about PayPal to date.
In 1998 PayPal was founded by Peter Thiel, Luke Nosek, and Max Levchin. In the beginning, it was known as ‘Confinity’ that used to develop security software. However, it was not a business model and did not have any success. A year later, it was renamed ‘PayPal’ and started as an electronic payment system. In 2000, PayPal merged with X.com, and the CEO of the company was Elon Musk. The company became public in 2002 after becoming a digital wallet. The corporate headquarters of PayPal are located in San Jose, California.
After becoming public, PayPal was acquired by eBay for $1.5 billion. eBay auctions started receiving payments from PayPal, and it was the default payment method of eBay. For better security, PayPal came up with the VeriSign payment method in 2005. Following that, it entered into a partnership with MasterCard.
In 2008, the company acquired Fraud Sciences for $169 million. By 2010, the number of active users went up to 100 million. PayPal also came with an offline business by accepting payments in stores. Soon, it went on to have a deal with Discover Card. It started launching many services and as funds of different countries.
PayPal also acquired IronPearl in 2012 for further product development. In 2015, “PayPal.Me” was launched. It was a peer-to-peer payment platform and soon made entry into 18 nations. It also acquired iZettle in 2018. In 2020, PayPal acquired the browser extension Honey. It has come up with an app for both Android and iOS platforms. The business model evolution saw many changes in different phases.
It had its global reach, and now PayPal can be accessed from over 200 countries across the world including India, China, Japan, and Pakistan. It has also been a subject of criticism for coming up with stern laws. The company has come up with its own safety and protection policies, and account holders can securely login with their user id and password.
Awards & Achievements
In 2018, PayPal won the award for Best CEO. It has twice won the Best Company Perks & Benefits in 2018 and 2019. In 2006, it was conferred with the Webby Award in the category of Best Financial Services Site. At the 2014 Zinnov Awards, PayPal won awards in different categories including High Impact Global Roles, Thought Leadership, and Ecosystem Enablement -Startups.
Net Worth & Earnings of PayPal in 2023
Having made its global presence, PayPal has an estimated net worth of $50 billion as of 2023. After becoming public, PayPal witnessed a heavy surge in the number of users. It has successfully acquired many other companies and has entered into a partnership with many brands. The shares of PayPal generated more than $61 million in 2002. In 2019, the net income of the company was $2.46 billion.
It has millions of users across the world and continues to expand. Since 2012, the company has witnessed more than three times its revenue. The price per share has also increased substantially from $36.20 in 2015 to $108.17 in 2019. Additionally, PayPal has more than 23,000 employers across the world. It has headquarters in many countries including Singapore, Luxembourg, Germany, Malaysia, and China.
PayPal has made tremendous development since its inception. It has made the online payment system very easy and secure. We can say that the company offered a lot to the world as one can access it from anywhere. PayPal is now a global brand ad has tied up with some of the leading companies. It continues to grow and has also offered employment to thousands globally. It has many stores and has won many awards. The company has also started its own charity called “PayPal Giving Fund”.